No. of Recommendations: 1
If you have somebody to manage your money, it can be arranged that they can trade the account, but not take money out of it. That sort of authority is necessary to have somebody else manage your money. There is no legitimate reason to allow them to take money out of the account. You can do that yourself, unless you become disabled, which is an entirely different question.

If you do have somebody manage your money, there should be a third party, such as Schwab, who is holding the assets, and you should be able to check on the activity in the account at any time. Otherwise, you are in a Bernie Madoff situation.

The lack of the ability to know what the manager is doing, and to terminate the account immediately, is a serious problem. That is why I would never invest in a hedge fund.
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